Letter of Endorsement
in support of
the 695th Lord Mayor’s Space Protection Initiative
At the G7 Hiroshima Summit in May 2023 the Leaders’ Communiqué directly addressed the issue of space debris and set out, in paragraph 41, the G7 commitment to promote the safe and sustainable use of outer space.
In October 2023, the Lord Mayor’s Space Protection Initiative was launched. The initiative proposed is a financial instrument solution, namely Space Debris Removal Insurance Bonds (SPADRIBs), a performance bond that is typically applied to decommissioning operational equipment at end-of-life; in this case, failed satellites and spent launch vehicle materials. The key aim of the initiative is to make purchasing SPADRIBs a condition of launch for spacecrafts by 2030. This could be achieved through a mandate in the 2024 G20 Leaders’ Communiqué on the issue of space debris.
Given our increasing reliance on space systems for security and meeting the UN’s Sustainable Development Goals, we need commitment from industry and governments to promote the safe and sustainable use of outer space. We believe this proposal aligns well with the vision for space sustainability outlined by His Majesty The King, the Astra Carta.
The use of SPADRIBs would ensure that, should the satellite operator go out of business, or the satellite itself fail, there would be funding for the satellite to be safely de-orbited, ensuring space debris was not left in the earth’s atmosphere indefinitely.
The private sector has offered sufficient financial capacity. Six major underwriters in the global insurance market have put forward an ‘Invitation to Treat’ for up to US$500 million per operator. We can work with the private sector to develop a market for such guarantees and require adequate financial guarantees as a condition of launch by the end of this decade
It is our intention that governments will require proof of adequate financial means for retiring unused satellite and launch vehicle materials before permitting launch, orbit, registration, or ground station use.
As signatories of this letter, we support the proposal outlined above, to make the purchase of SPADRIBs a condition of launch by 2030.
Signature, Date